City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 16, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending August 31, 2019.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2019.
RECOMMENDATION: That City Council receives the Monthly Financial Report.
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Detailed comparative schedules are attached.
FY 2019: The unaudited preliminary estimate for FY 2019 General Fund revenues is $756.2 million. At the same time, FY 2019 expenditures and encumbrances totaled $747.2 million, enabling the City to end the year with a surplus of revenues over expenditures and encumbrances of about $9.0 million. All departments remained within their FY 2019 budget. The ending position for the fiscal year will enable departmental incomplete projects and some emergency operating and capital needs to be addressed, such as enhanced security for City Hall, and accelerated cyber security investments. FY 2019 remaining funds will also be able to be set aside for FY21 and future operating and capital budget consideration.
The FY 2019 General Fund surplus enables the City to increase its ratio of Spendable Fund Balance as a percentage of General Fund revenues from 16.4% to 18.48%, which is viewed favorably by the bond rating agencies who view this as an indicator of the City's ability to respond to fiscal uncertainties and unforeseen events. At the recommendation of BFAAC, staff is presenting City Council with proposed changes to the City's Fund Balance ratios to better reflect current practices.
FY 2020: As of August 31, 2019, General Fund revenues totaled $27.6 million, a decrease $2.0 million or 6.7% compared to the r...
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